State four factors that may lead to an increase in demand for a product.
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ChatGPT
Sep 13, 2024
1. Increase in consumer income: When consumers have more disposable income, they are more likely to spend on goods and services, leading to an increase in demand for products.
2. Changes in consumer preferences: If there is a shift in consumer preferences towards a particular product, demand for that product is likely to increase.
3. Marketing and advertising efforts: Effective marketing and advertising campaigns can create awareness and generate interest in a product, leading to an increase in demand.
4. Seasonal factors: Demand for certain products may increase during specific seasons or holidays, such as demand for winter clothing during the winter season or demand for gifts during the holiday season.
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Google Gemini AI
Sep 13, 2024
1. Population growth: As the population grows, the demand for goods and services increases. 2. Income growth: As people's incomes rise, they can afford to buy more goods and services. 3. Technological advancements: New technologies can create new products or improve existing ones, which can lead to an increase in demand. 4. Changes in consumer preferences: As consumer preferences change, the demand for certain products can increase or decrease.